Bitcoin’s Coming Surge Will Lift the Altcoin Market
Bitcoin’s Coming Surge Will Lift the Altcoin Market By Teeka Tiwari for Casey Research
Chris’ note: Regular readers know we pass along the best opportunities to grow your wealth that no one else is paying attention to.
That’s why today, we’re handing the reins to my colleague, Palm Beach Confidentialeditor Teeka Tiwari. Teeka’s a longtime cryptocurrency expert who’s made his readers fortunes through his crypto recommendations.
And now, he wants to tell you why bitcoin and the market as a whole are about to turn a corner… and how you can profit from it.
Below, Teeka explains why bitcoin’s new highs are within sight… and why it shouldn’t be the only crypto on your radar…
In May 2017, bitcoin traded as high as $2,763. By July, it got hammered all the way below $1,843.
Afterwards, I told my readers, “I believe bitcoin could hit $10,000 in the not-too-distant future.” But by the end of 2017, we didn’t see bitcoin at $10,000…
It was at nearly $20,000.
Now, bitcoin’s price has moved a lot since then. But we can still forecast where it’s headed based on the past.
So today, I’ll tell you when I expect bitcoin to reach new highs. I’ll also go over what that means for the broader crypto market – and why it’s important to get positioned now.
Bitcoin’s Current Price Action
Every few years, bitcoin drops 80% or more – before breaking out to all-time highs. We saw this most recently during the brutal Crypto Winter of 2018.
As mentioned, bitcoin peaked around $20,000 in December 2017. But then, it crashed more than 80% during a horrific bear market, falling below $3,200.
Yet by June 2019, it was trading as high as $14,000 again. It reclaimed 70% of its old peak in about 18 months.
Now, bitcoin has pulled back again as it consolidates this huge move off its bottom. So to figure where it’s headed next, I compared this last Crypto Winter to the previous major crash in 2014.
In November 2013, bitcoin reached a high of $1,149 – before a massive sell-off sent it under $175 (intraday) in 2015. As you can see in the chart below, it took nearly three years for bitcoin to return to its old highs…
Let’s contrast that with the recovery we’re seeing now…
Remember, bitcoin reclaimed 70% of its old high in just 18 months. That’s about 50% faster than its last sell-off. And if this rebound speed continues, we’ll hit new highs much faster than ever before.